Hedging Parameters
LIVE SYNC
Positioning Scenario Presets
92.5%
10% (Low)
100% (Yearly Peak)
Measures short borrow volume relative to historic yearly ceilings.
1.45
0.40 (Call Heavy)
2.50 (Deep Put Hedging)
Institutional downside protection volume on BlackRock Bitcoin ETF.
0.82
0.40 (Bullish)
2.50 (Heavy Gold Hedges)
Benchmark Gold ETF downside open interest ratio.
$450M
$0M
$1,500M
Net capital deployment forcing market maker delta absorption.
14 Days
3 Days (Violent)
60 Days (Gradual)
Compression duration for expiry or synthetic short covering.
JPMorgan Thesis Core: Because IBIT options carry a significantly higher put skew and elevated borrow interest than GLD, an easing of macro hedging demand triggers market-maker short-gamma covering, creating disproportionate spot price support for Bitcoin over Gold.
Spot Support & Resistance Unwind Curves
Simulated upside price trajectory as hedging volume unwinds (0% to +25%)
Bitcoin (IBIT) Upside
Gold (GLD) Upside
Institutional Derivative Positioning Matrix
bitcoin_gold_hedging_unwind_report_59.json| Metric Component | Bitcoin (IBIT) | Gold (GLD) | Divergence Spread | Structural Consequence |
|---|---|---|---|---|
| Put / Call Ratio | 1.45 | 0.82 | +0.63 (High Skew) | Heavier Bearish Hedge |
| Short Interest Intensity | 92.5% of Peak | 28.4% of Peak | +64.1% | Vulnerable to Squeeze |
| Unwind Sensitivity Multiplier | 2.35x | 1.12x | +1.23x Asymmetry | Sharper Spot Lift |
| Market Maker Gamma Delta | Short Gamma Flip | Neutral Delta | Positive Elasticity | Accelerated Covering |